News Headline Summary

EU MID-SESSION UPDATE - 12/11/12

Markets traded range bound in an anticipation of further clarity surrounding Greece. According to latest reports, no decision is expected today, but as noted by an official from the Greek debt agency PDMA, the country expects to meet its EUR 5bln T-bills auction target on Tuesday. In order to mitigate any concerns surrounding collateral requirements, the PMDA said it will accept non-competitive binds up to 0.60 percent of the amount auctioned, which will bring total proceeds to EUR 5bln. As a result, EUR/USD is seen little changed, while GBP/USD is lower as markets look forward to the Quarterly Inflation report from the BoE later on in the week. Given the market holiday in the US, there will no major macro releases in the second half of the session.